#Section 147
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5,090 articlesIncome Tax
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SC Nullifies Bombay HC Verdict on full & true disclosure of material facts
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AO must intimate Assessee that reassessment proceedings been initiated with due approval
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Reopening on mere possibility of revenue loss is based on presumption & is invalid
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Income Tax
S. 148 Reopening based on re-appreciation of same material on record not valid
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Income Tax
In case of disclosure of material facts of during original assessment proceeding, AO cannot issue re-assessment notice u/s 148 of the Act to find nature of same
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Mere Non recording of detailed reason in Assessment Order do not justify the presumption that order been passed without application of mind
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Income Tax
AO can issue notice u/s 148 despite non expiry of time limit for issuing notice u/s 143(2)
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Sanction for reassessment by JC in a mechanical manner is invalid
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A.O Cannot act as a reviewing authorithy u/s 147 of Income Tax Act,1961
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Since assessment made u/s 143(3), no notice can be issued without satisfaction of CCIT/CIT – S. 151(1)
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Reopening of assessment Beyond a period of 4 years without Approval of Joint Commissioner not valid
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Capital expenditure/ revenue expenditure – No reassessment in subsequent years – Reassessment quashed
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Income Tax
Reopening based on information received from Investigation Wing, without application of mind not sustainable
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Income Tax
